Moily had told reporters earlier this month that the bank guarantee issue would be settled by February 10, but bureaucrats are now doublechecking the small point to make sure there is no procedural lapse that may get them into trouble in an investigation in the future, particularly when they don’t know the new government’s stand on the issue.

They are also in no hurry to announce the exact price arrived at on the basis of the fresh notified formula. The price is widely estimated to double to about $8.4 per unit from the current rate of $4.2 per unit, but the Petroleum Planning and Analysis Cell and the ministry’s finance division has to announce the price that will be used by buyers and sellers of domestic gas.

While ONGC and other producers, who together account for about 85% of domestic gas, have all the approvals and orders they need to charge the new gas price from April 1, Reliance Industries has to wait for a government order on the mechanism and amount of bank guarantees it has to furnish.

It is required to do so as the oil ministry has accused it of deliberately suppressing gas output in anticipation of higher prices later. If it is found to be guilty of hoarding gas, the guarantees would be encashed. If the order on bank guarantees is not issued, it will have to keep selling gas at the current price.

Officials say they are worried about taking a quick decision ever since Arvind Kejriwal, the former chief minister of Delhi, ordered an FIR alleging corruption in raising gas prices. His party subsequently declared that it will make gas pricing a national issue.

A senior party leader, when asked whether the party will protest the government clearing the way for RIL to get the new gas price, said that the AAP leadership would respond to the gas pricing issue after it hears Supreme Court's observations on March 4. The court is hearing petitions against the increase in gas prices.

Industry executives are concerned that the ministry may not act at all if elections are announced. “We fear that this government may not be able to announce it after elections are announced and the code of conduct is enforced,” an oil company executive said requesting anonymity.

But top officials at the oil ministry say that the matter would be resolved as the order on RIL’s bank guarantees is expected by the end of this month, before petroleum secretary Vivek Rae retires, while the precise new price would be announced by March 7, but other officials say they won’t act in haste.

“The UPA government may be in a hurry to approve new gas price while they are in power, but we are not in a hurry. We are responsible to the next government also. We will take decisions strictly as per laid down rules. We don’t want to be seen favouring any particular company or group of company or any lobby,” one official said requesting anonymity.

Some bureaucrats are raising minor issues that are delaying the process, official sources said.

Some have sought clarifications, while others have raised the issue of whether the guarantees should be furnished just by RIL or also its partners BP and Niko.

Another official even raised the question of which wing of the ministry would have the last word in announcing the new price as per the Rangarajan formula. “PPAC is not the only agency to derive the new gas price based on approved formula.

It has to be vetted by finance division of the oil ministry, but there is no clarity about it on the file. So the March 7 deadline is unlikely to be achieved,” one source said who did not wish to be identified. But top officials said there is no rethinking on gas price decision taken by the Cabinet. Moily had told reporters there was no “question of stalling or stopping anything”.

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